Shares of real estate investment trust Veris Residential, Inc. (VRE) are slipping nearly 5% after the company revealed that Kushner Companies has pulled out of its takeover proposition.
VRE is currently trading at $15.46, down $0.81 or 4.98%, on the NYSE. The stock opened its trading at $16.55 after closing previous day's trading at $16.27. The stock has traded between $10.22 and $18.01 in the past 52-week period.
Last month, Kushner reportedly proposed to pay Veris $18.50 a share and $17.50 a share in two separate offers. The bids were rejected for being too low.
Veris, in a statement, revealed that Kushner Companies has informed the company "that it was not interested in proceeding at this time."
"As a Board committed to transparency, we are sharing the status of our discussions with Kushner Companies as well as an update on other recent indications of interest we have received regarding a potential transaction. Despite the Board's and our advisors' best efforts to engage constructively with Kushner Companies - including participating in several conversations with Mr. Kushner and his advisors in recent weeks (the most recent of which was last Friday, January 13 after which signature pages for a previously negotiated and finalized non-disclosure agreement were meant to be exchanged) - Kushner Companies informed us that it was not interested in proceeding at this time," the company said.
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